**Memphis Mayor Paul Young Reveals Timeline for New, Long-Term Lease with Grizzlies**
Memphis Mayor Paul Young has announced a comprehensive timeline for the negotiation and execution of a new, long-term lease agreement between the city and the Memphis Grizzlies. The new deal is set to ensure the NBA team’s continued presence in the city, securing a relationship that has been a staple of Memphis’ sports and community identity for over two decades. Mayor Young’s announcement comes at a time when the Grizzlies are experiencing a period of success on the court, making the future of the franchise even more vital to the city’s cultural and economic landscape.
In his statement, Mayor Young outlined that the negotiation process would begin immediately, with the goal of finalizing the lease agreement by the end of the 2025-2026 NBA season. The new lease is expected to cover a span of 20 years, providing the Grizzlies with long-term stability while also giving the city the ability to secure ongoing financial commitments from the franchise. The lease negotiations will include provisions to ensure the FedExForum, the team’s home arena, receives necessary upgrades and maintenance throughout the duration of the agreement.
This new lease is a significant step for both the city of Memphis and the Grizzlies, as it will allow the team to continue playing in a world-class facility while ensuring that the city can continue benefiting from the economic and cultural impact of the franchise. The Grizzlies have been a major economic driver for Memphis, with the team’s games attracting thousands of fans annually and contributing millions of dollars to local businesses and tourism. As such, Mayor Young stressed the importance of both parties working together to finalize a deal that benefits both the team and the city.
As part of the new agreement, discussions will also focus on exploring potential opportunities for joint ventures that could enhance the surrounding area around the FedExForum. One of the priorities will be the development of an entertainment district that could include restaurants, retail spaces, and other attractions designed to bolster the local economy. The city envisions a vibrant, mixed-use space that would complement the basketball games and attract visitors year-round, not just during the NBA season.
Mayor Young’s office has already begun consulting with Grizzlies ownership, led by Robert Pera, to outline the key components of the lease, including financial terms and the necessary renovations to the FedExForum. The Grizzlies have previously committed to maintaining their status as one of the NBA’s most forward-thinking and community-oriented franchises, and it is expected that the new lease will continue this tradition by keeping Memphis at the heart of the team’s long-term vision.
Public support for the new lease has been overwhelmingly positive, with many Memphis residents seeing the Grizzlies as a key part of the city’s identity. The team’s success in recent years, both on the court and in community engagement, has helped strengthen the bond between the Grizzlies and the city’s residents. The mayor acknowledged the importance of these relationships, emphasizing that the city’s collaboration with the Grizzlies has been a mutual benefit for years.
While the specifics of the lease negotiations are still being worked out, the mayor assured that transparency would be a priority throughout the process. Public hearings and community input will be part of the discussions to ensure that the terms of the lease serve the best interests of all Memphis residents. Mayor Young also indicated that negotiations would be mindful of the city’s budget and long-term financial health, ensuring that the deal is sustainable and beneficial for future generations.
As the timeline for the new lease moves forward, both the city and the Grizzlies remain focused on ensuring a smooth and successful agreement. With the backing of the community, the franchise, and local government, Memphis is poised to continue its legacy as a proud home for NBA basketball. The new lease deal will not only preserve the Grizzlies’ future in the city but will also provide a foundation for continued growth, development, and success for both Memphis and its beloved NBA team.